It is mandatory for a company director to file a tax return with HMRC if a notice to file the tax return has been issued.
Typically, the directors of the companies have the following sources of income from their limited companies such as:
- Employment income
- Dividend income
- P11D expenses and benefits
- Interest on the loan given to the company
In addition to the above, they may have other sources of income like any other taxpayer such as rental income, pension income, dividends from other companies etc.
The directors or other individual in receipt of any untaxed income must register themselves with HMRC for filing their self-assessment tax return. They also need to notify HMRC if they have a liability for the tax year by 5 October following the end of the tax year otherwise they will become liable to penalties.
How we can help you?
At Martax, we provide the following:
- Calculate the tax payable on your income
- Advise you on reducing your payments on account for the next tax year
- Complete your tax return using HMRC approved software
- Advise you on the tax liability to be payable to HMRC and when it is due or if they have deducted too much tax at source, the refund to be credited direct to your bank account.
For more information and to arrange a free consultation, please contact us.
